Financial Aid Basics

Although students and their families have the primary responsibility for financing the cost of an education, Drake University strives to provide financial assistance that supports equal access for all capable and deserving students.

The Office of Student Financial Planning is responsible for administering financial aid programs at Drake University. Scholarships, grants, loans, work-study programs and other forms of assistance financed by the University, federal and state sources, corporations, foundations, alumni, friends and other sources generate more than $110 million each year for financial assistance for Drake students. Approximately 95 percent of Drake undergraduate students receive some form of financial aid. Both enrolled and admitted students may confer with counselors in the Office of Student Financial Planning concerning any financial aid questions.

Filing a Free Application for Federal Student aid (FAFSA) ensures consideration for federal, state and institutional financial aid. Award and program eligibility are determined individually for each student based upon numerous factors including the program of study and the level of enrollment (full-time, part-time, etc.). Undergraduate scholarships not based on financial need include the Drake National Alumni Scholarships, George Carpenter Scholarships, National Merit Scholarships, Drake Legacy Awards, Presidential Scholarships, Presidential Transfer Awards, and Phi Theta Kappa Scholarships.